Saman Bank Corp.

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Description:

History

Saman Bank Corp. started its activities as Credit Institution in September 1999. Subsequently, in August 2002, it received a full banking license and changed its name to Saman Bank. Saman Eqtesad Credit Corporation was established on September 23, 1999 with a share capital of Iranian Rials 11 bln (US$ 1.4 mln). It opened its first branch on November 22, 1999 and managed to achieve in its first year of activity a 5% return on equity. In 2002, Saman was the third private financial institution in post-revolutionary Iran to receive a banking license. In this context, the share capital increased to Rials 220 bln (US$ 26 mln).

In March 2007, Saman Bank had a paid-sup share capital of Rials 900 bln (US$ 97 mln). It operates 85 branches across Iran.